21/02/2022
🌵CRYPTO NEWSFLASH🌵 – (21/02/22)
Here are some of today’s most important headlines:
1️⃣
We have always been confused about India's stance on cryptocurrency.
Announcing pretty clear tax guidelines (i.e., a 30% levy on any income generated from cryptocurrency), then clarifying that this did not constitute the legalisation of digital assets in the country, certainly created a lack of clarity around Indian policy.
However, an article in Coindesk went some way to clearing this up this confusion.
First of all, India’s rationale for taxing crypto, before a full stance was established, was made clear. Effectively, India is of the inclination that if people are making profits from trading cryptocurrency, it would be foolhardy for the government not to tax it, legalised or not.
However, despite some clarity being forthcoming, there is still a helluva lot that is not yet clear…
Much confusion surrounds the additional 1% tax that could be levied on all cryptocurrency transactions. If this is the case, there is concern that high-net-worth individuals will cease to trade and pay taxes in the country.
Crucially, the question of whether crypto will be legalised still hangs very much in the balance.
To answer this, we will have to wait until both houses of Indian parliament pass a bill proving clarity on the nation’s position. What’s more, the finance minister presiding over the bill has refused to offer a timeframe.
In theory, cryptocurrency could be outlawed in India as soon as tomorrow. However, this is realistically very unlikely to happen. As one CEO of a crypto research organisation states, “it may be foolish to do that since the implementation of the ban would be impossible”.
https://www.coindesk.com/policy/2022/02/21/making-sense-of-indias-new-crypto-rules/
2️⃣
We have heard a few different interpretations of what exactly the arrival of ‘the metaverse’ means. To some, it is nothing more than a game. A form of digital escapism from physical reality. To others, it is a replication of that reality, augmented in way that offers superior communication, productivity, enjoyment and much more.
However, a piece on Twitter today echoed that the metaverse is, in fact, a point it time.
Specifically, the point in time at which our digital life becomes just as, if not more, important than our physical life. If this hasn’t arrived already, it is certainly starting to take hold…
One key proposition of the sceptic is the increased amount of data that would be deposited online. As our lives shift in that direction, the number of everyday activities we carry out online would increase too, posing further risk to anonymity and even identity theft.
If everything was carried out in metaverse, the volume and concentration of that data would be increased and thereby the risks associated with it. As CoinTelegraph eloquently put:
“It’s almost like putting your entire life in hot storage, where it’s always accessible and vulnerable to bad actors”.
One further concern is around the erosion of rights as we move our lives online. As noted, the Patriot Act, effectively a post 9/11 power-grab, allows federal agencies to submit a request to companies like Apple or Google to carry out secret surveillance on users. There are massive penalties imposed if those entities refuse to comply or side with user-privacy in any way.
https://cointelegraph.com/news/the-metaverse-will-bring-a-further-erosion-of-privacy
3️⃣
Cryptoslate has offered some potential insight into the trigger mechanisms behind rampant cryptocurrency adoption by millennial age groups in the US.
According to data published by Morning Consult, reductions in well-being for US-based millennial demographics would be fuelling a growing interest in alternative financing, including cryptocurrency adoption.
One crazy statistic shows that nearly one in two US millennials holds cryptocurrency. Gen Z adoption is on the rise too.
Globally, millennials score lower than the global average when it comes to perceived wellbeing. However, this is particularly the case in America and Canada.
Cryptocurrency offers a number of things never seen before.
These advantages include returns that are not accessible in any other market, but also self-custody.
When you consider the fact that distrust in government and institutions is on the rise, it makes sense that consumers are turning to a solution that doesn’t require trust in any one centralised entity.
All in all, it is no wonder that millennial cryptocurrency adoption is leading the trend…
https://cryptoslate.com/understanding-u-s-millennial-appetite-for-crypto/
Making Sense of India's New Crypto Rules
India's first concrete steps in acknowledging crypto may be here to stay, having spurred both excitement and confusion over whether the country is approving crypto as an asset.
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